Two of the largest and most emotionally significant financial goals are saving enough money for college and retirement. You might wonder how to prioritize your savings goals: Should you set money aside for your retirement or pad the fund for your children's education? Do you have to choose between the two?

The most important aspect to remember is that retirement comes first. One of the reasons is that in the long run, retirement will cost more. Most college students complete their studies within four to five years, yet retirement can last upwards of 20-plus years. Consider opening a 401(k) or Roth IRA.

Another reason is that you cannot make up for the lost time in creating that nest egg. You cannot finance or borrow money to fund your retirement.

However, that doesn't mean you have to eliminate saving for college. Begin by estimating how much money you will need to put aside for college. Don't feel pressure to fund every year of tuition.

Most financial advisors suggest saving about one-third of the total cost with the remainder coming from financial aid or scholarships. Open a 529 account to get started.

With the right amount of planning, you can avoid the economic tug-of-war and give your children a relatively affordable educational experience while safeguarding your dream retirement. Reach out to your financial advisor for more guidance or assistance in opening up one of those accounts.

Sources: Ameriprise.com, Johnhancock.com, Kiplinger.com